Chart of the Day: Auction listings dipped 3.5% in Q1

Its success rate further sunk to an all-time low since 2011 at 0.4%.

This chart from Knight Frank shows that the number of auction listings slipped by 3.5% QoQ to record 277 auction listings in Q1 due to a fall in owner sale listings.

The success rate of these auctions in Q1 fell to an all-time low since 2011 at 0.4% amidst the ongoing pandemic. The report said that there was a mismatch in price expectations between buyers and sellers. There was only one landed residential property sold through an auction, which is the site at 29 Beng Wan Road.

Meanwhile, mortgagee sale listings (including repeat listings) jumped to 176 listings in Q1, a 16.6% QoQ increase from 151 listings in Q4 2019 as salary cuts and possible job losses take their toll.